To Our Readers:

November 30, 2008

Under The Shade of Swords will be taking a hiatus from its blogging operations.  Please continue to support our fellow Muslim Brothers/Sisters around the world by helping people discern the Haqq from the Baatil (The Truth from the Falsehood) in anyway that you can. Also, continue to visit the great resources found in our links.

JazakumAllah Khayran



Signs of Martyrdom

November 15, 2008

AllahuAkbar! 

The 3 Companions (Amrozi, Mukhlas and Imam Samudra) who were executed by the Taghut Regime of Indonesia last week, were buried in their respective villages.  The look of their smiling faces is enough to bring tears to one’s eyes.  SubhanAllah, these brothers looked genuinely happy when the Angel of Death met them.

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ami-imam

These are the signs of Shuhada’ (Insha’Allah), that we all need to observe.  Allah Knows Best.

And what is also amazing is the phenomenon of the flying birds that circled above the tombs of Amrozi and Mukhlas.

Read one amazing account of the Janazah from Prisoner of Joy.


Shaykh Imran Nazar Hosein’s Reaction to Obama

November 9, 2008

Assalaamu ‘alaikum!

The financial/monetary summit which is now being arranged is certainly linked to Dajjal’s phase three.

It is through a study of events which led to the passage from Dajjal’s phase one to phase two that we can anticipate and recognize events now unfolding, and soon to unfold in the historical process, which would indicate the passage to phase three.

We have long anticipated that the creation of a new international monetary system to replace the tottering Bretton Woods Accord would be precisely such a sign.

We must now look carefully to seek to recognize what is still carefully concealed evidence that would confirm the transfer of the world’s financial capital from Washington to Jerusalem.

We must also anticipate that great wars would also erupt in which Israel would display its military superiority over the rest of the world – including UK and USA.

Not only does Obama’s election as US President now ‘whitewash’ a terribly-soiled US image in the world, but it also allows the cabal to exploit his commitment to widen the war in Afghanistan to their advantage. It is therefore a black Obama administration that would be led by the nose to attack Pakistan’s nuclear facilities (perhaps in concert with an Indian attack on Pakistan) while Israel exploits the opportunity to simultaneously attack Iran’s nuclear plants. The immediate result of such a war would be the astronomical rise in the price of both oil and gold and the consequent total collapse of the US dollar and the US economy in such wise as would cripple the Democratic Party for decades to come.

John McCain’s concession speech indicates that he (as well as the leadership of the Republican Party) are well aware that they have led Obama/Afro-America/the Democratic Party down a path to be sacrificed and slaughtered as a cow. Obama and the Afro-Americans have displayed complete innocence of the fact that they could never have succeeded unless the white cabal had made the choice to have a black man elected as President.

It was not by accident that the present phase of the financial meltdown commenced in early September and immediately impacted on the contest for the White House in a manner that eventually assured victory for Obama.

Imran N Hosein


Indonesian Taghut Carry Out the Execution

November 9, 2008

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Inna Lillahi Wa Inna Ilayhi Raji’oun

From Associated Press:

 

(AP) – Indonesia executed three Islamic militants today for helping plan and carry out the 2002 Bali bombings that killed 202 people, many of them foreign tourists, lawyers and relatives said. Imam Samudra and brothers Amrozi Nurhasyim and Ali Ghufron were executed at 11:20 p.m. several miles from their high security prison on Nusakambangan island, said Qadar Faisal, one of their attorneys.

Their bodies will be taken by helicopter to their home villages for burial, he said. The three never expressed remorse, saying the suicide bombings were meant to punish the US and its Western allies for alleged atrocities in Afghanistan and elsewhere. They even taunted relatives of victims at their trials 5 years ago. They also expressed hopes their executions would trigger revenge attacks in Indonesia, the AP reports.

 

The capital has been on high alert, with extra police deployed at embassies, shopping malls and offices, but most analysts expect any reaction to be small and limited to demonstrations, bomb hoaxes and show of solidarity at the men’s’ funerals.

“But everyone should be extra vigilant, at least for the next week,” said Ken Conboy, a Jakarta-based security expert, noting that even small, peaceful rallies “can quickly spin out of control.”

Though the three Bali bombers said they were happy to die martyrs, their lawyers fought for years to stop their executions, arguing they were convicted retroactively on anti-terrorism laws.

They also opposed death by firing squad, saying their clients preferred beheadings, because they were more “humane.”

Mohamad Chozin, a brother of Nurhasyim and Ghufron, was among those who confirmed to The Associated Press early Sunday that they had received news the men had been killed.

“The bodies will be take to our mother’s house,” he said in their home village of Tenggulun.

The three men were among more than 30 people convicted in connection with the bombings.

Jemaah Islamiyah was blamed for at least three other suicide bombings in Indonesia. But the 2002 attack, however, was by far the bloodiest.

One of the attackers walked into Paddy’s nightclub on a busy Saturday night, setting off a bomb attached to his vest. Minutes later, a larger car bomb exploded outside the nearby Sari Club.

The dead included 88 Australians, 28 Britons and eight Americans _ most revelers fleeing the first blast.

___

Associated Press Writer Irwan Firdaus contributed to this report from Tenggulun.


The Beginning of Obama’s Zio-Team

November 6, 2008

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Rahm Emanuel to be White House Chief of Staff

Moderate American Muslims still rejoicing over the victory of their Golden Boy, Barack Obama, should soon come to grips to the reality of their pathetic predicament.  Obama will soon be making official, his selection of Rahm Emanuel for the job of White House Chief of Staff.

Who is Rahm Emanul?

160px-rahm_emanuel_official_photo_portrait_color According to Wikipedia: “Emanuel was born in Chicago, Illinois. His father, the Jerusalem-born Benjamin M. Emanuel, is a pediatrician and was a member of the Irgun, a militant Zionist group active during the British Mandate of Palestine. His mother, Martha Smulevitz, worked as an X-ray technician and was the daughter of a local union organizer. She became a civil rights activist; she was also once the owner of a Chicago-area rock and roll club.[The two met in Chicago in the 1950s. Emanuel’s older brother, Ezekiel, is a noted oncologist and bioethicist, and his brother, Ari, is a talent agent in Los Angeles and inspired Jeremy Piven’s character Ari Gold on the HBO series Entourage. Emanuel himself is also the inspiration for the character Josh Lyman on The West Wing. He also has a younger sister named Shoshanna, 14 years his junior.

When his family lived in Chicago, he attended Bernard Zell Anshe Emet Day School, a Jewish day school. After his family moved to Wilmette, he attended public school: Romona School, Wilmette Junior High School, and New Trier High School. Emanuel was encouraged by his mother to take ballet lessons as a boy and is a graduate of the Evanston School of Ballet. He won a scholarship to the Joffrey Ballet but turned it down to attend Sarah Lawrence College, a liberal arts school with a strong dance program.He graduated from college in 1981, and went on to receive a master’s degree in Speech and Communication from Northwestern University in 1985. While still a student at Sarah Lawrence, he joined the congressional campaign of David Robinson of Chicago.”

Good Ol’ Rahmmy also served with the Israeli Defense Forces (IDF) Civilian Volunteer team during the First Gulf War.  He supported both Gulf Wars and even helped Bill Clinton with his Zionist Agenda.  Good Work American Muslims! Way to get out there and vote!


Now That the Elections are Over

November 5, 2008

Imam Anwar Al-Awlaki:

One of the characteristics of a humiliated and oppressed community is their submission to their oppressor and their tolerance of oppression. On the other hand they are arrogant and intolerant among themselves. This is how it was with Banu Israel when living under the Pharaoh. I am sorry to state this but unfortunately this attitude is been reflected by many American Muslims who humiliated themselves by voting for candidates who have no serious concern for their issues.

I mentioned in my previous post:

“The perception the American Muslims are giving is that by giving them nothing substantial and by giving them just a little bit of recognition you can get their support, vote and loyalty even if you carry on your war against their brothers and sisters. Just like a dog owner abusing his dog but as long as the bone is thrown out the dog will still give his owner all his loyalty. It is sad but true.”

The American Muslims who decided to vote have made a fool out of themselves and the whole world knows it. Under the heading:”America’s outcast Muslims: Once Bush backers, Muslims today are staunch Democrats. But both Obama and McCain shun them.” The UK’s The Guardian states: “American Muslims have been called the “outcasts” of this presidential election. Muslims themselves have told the media that Islam is being treated as “political leprosy”, a “scarlet letter”, or the “kiss of death””.

Why not just call them house Negros?

The Australian newspaper The Age says: “Neither campaign courts America’s Muslim vote.” they go on to state that: “Neither presidential candidate has made a single visit to a mosque.” If they didn’t even bother to visit a mosque, which is no more than a ceremonial thing anyway but does make the house Negros happy, how can one expect from them any support on our issues? Nevertheless the proud American Muslims have been running around in service of both candidates.
Many American Muslims still insisted on voting. Chasing a mirage that somehow the new president will improve their lot. First it was Bush now Obama. There is a striking similarity between the American Muslim community and the Muslims of al Andalus who chose to stay behind after Muslim Spain fell into the hands of the Catholic monarchs. There are some writings that reveal that after all the oppression they suffered they still had hope that their situation would improve, even after the Catholic monarchs showed them the worst treatment. Since there were no elections back then and no Barak Obama they were clinging their hopes on a Mahdi that would appear and deliver them to safety. A few decades later no Mahdi appeared and their children and grandchildren slowly but surely were loosing their identity until Islam seized to exist all together in the Iberian peninsula. I do not believe that America would do the same because they have grown wiser and more sophisticated than their Spanish predecessors. Muslims will be allowed to pray, fast, and practice Islam as long as it is contained within the spiritual compartment. But they will not be allowed to be Muslim in the full sense of the word. The issues of Sharia law, Jihad, wala and bara, hudud, khilafah, the Quranic teachings concerning the Jews and Christians, and support of Muslim resistance fighters around the world will not be tolerated. Now the spiritual aspect will also be under attack, probably not by the government but by the society at large. The American culture will destroy their families. It will deprive their children and grandchildren of their identity. Time will be the witness.
Muslims have given their vote for free. Back in the nineties we were told that we should not expect anything back because we are not seen as a voting block (back then the prominent view among the Muslims was against participation in the elections.) Well now there is definitely a voting block and it is quite large as some reports say that the Muslim registered voters are around two million!
So what are the Muslims getting in exchange for their vote? Nothing.
Brothers and sisters you can vote, you can run around supporting the campaigns, you can stay silent about the aspects of your religion that do not appeal to your fellow citizens, you can speak out against your Muslim brothers and sisters who support the Muslim causes around the world, you can try your best to fit in and be accepted and the end result will be that you will always be seen as the enemy and you will never be accepted unless you do one thing: give up your religion.
“And never will the Jews and Christians approve of you until you follow their religion” [2:120]

With all of this activism and increased participation the situation of the American Muslims did not improve but in fact it regressed. The Bush campaign of 2000 has outreached to the Muslims more than both candidates of 2008. Giving a fatwa calling on people to vote in democratic elections is not an easy thing. One would expect solid evidence from Quran and sunnah when inviting people to take such a step. However what I have seen is the opposite. I would ask you to read such fatawa and judge them not based on the names or numbers of scholars who are behind them but on the evidence. There was a moment in time when the majority of the scholars of the Muslim world were towing the official line of the Mu’tazila and that didnt make it right. Then look at the fatawa of scholars such as al Albani, the Lanjna da’ima, Abu Muhammad al Maqdisi, al Gabashy and many of the scholars of the salafi orientation around the world who are against participation in democratic election. That is the position of large Islamic movements and individuals such Sayed Qutb, Dr. Israr Ahmad, Hizb-ut-Tahrir, and the Salafi Jihadi movement. In Yemen prominent scholars from the Muslim Brotherhood have finally come to the conclusion that the democratic process is no more than a game that wastes the efforts of Muslims with very little gain.

In addition to that I found out that many people are asking the ones who are telling the people not to vote to bring their evidence! The burden of proof is on the ones who call others to participate in a disbelieving system, in a disbelieving country not the other way around. Anyway the evidence for not voting are all the verses of Quran that refer to governance as a right of Allah in surat al Nisa and al Bakarah, the verses talking about disavowal of the disbelievers in surat al Bakara, al Nisa and al Mumtahina, and the hadiths of Rasulullah that instruct us to be separate from the disbelievers. There are scholars who wrote detailed papers on the subject and you may find the links to them on the comments made by some brothers and sisters on my last two posts.
For those who did send me evidence for the position on voting I did respond to some of them and there remains the issue of the Muslims in Abyssinia and Yusuf (as). The response to this is very straightforward: Both the king of Abyssinia and the King of Egypt were not at war with the believers and were both very supportive of the Muslims. In addition to that, there are authentic narrations that al Najashi was Muslim and weaker ones that state that the king in the time of Yusuf became Muslim. But lets assume that this is not the case. Anyone with a rudimentary understanding of Fiqh should realize that there are stark differences on how Islam calls us to deal with those who are at war with us and those who are not. Allah says:
Allah does not forbid you from those who do not fight you because of religion and do not expel you from your homes – from being righteous towards them and acting justly towards them. Indeed Allah loves those who act justly. [60:8]

Now that Obama is in office we will see how these four years will unfold. I personally think that since what Obama stands for is falsehood, the justifications of the Muslims in choosing him were false and the process in which the Muslims chose him were also false we cannot expect any good to come out of falsehood.
“Indeed Allah does not amend the work of the corrupters” [10;81]

Assalamu alaykum
Your Brother
Anwar Al Awlaki


Barack Obama : President of the United States of America

November 5, 2008

CNN: Barack Obama wins presidential election

CNN projects that Barack Obama will be the nation’s 44th president.

CNN projects that Sen. Barack Obama will win the presidential election.

CNN projects that Sen. Barack Obama will win the presidential election.

Obama will address the country from a rally in Chicago, Illinois, later Tuesday night.
***We’ll have to wait and see how this historic vote affects the Global Muslim Ummah.

Part 2 : Voting for the American President

November 4, 2008

Imam Anwar Al-Awlaki:

After reading all of the responses to my previous post I have this to say: Brothers and sisters before we carry this discussion any further we must agree on these three points:

  1. The American leaders of today are playing the exact role of Pharaoh and Abu Jahl of yesterday and the American people of today are playing the role that the Quraish, Aad and Thamud used to play yesterday. Therefore the verses of Quran and Hadith of Rasulullah that apply to Pharaoh and Abu Jahl apply to the US leaders and the ones that apply to the Quraish, Aad and Thamud apply to the American people. The US is in a state of war with Islam and Muslims and not just against the so called extremists.
  2. Democracy is a system of governance that is different than the Islamic system of government and is opposed to it and is being spread by the West in the Muslim world by force as an alternative to the Islamic Sharia law.
  3. It is a duty upon us Muslims to strive through Jihad to establish the Islamic Khilafah again. This is not a far fetched idealistic objective but is a tangible realistic one if we but put the effort into achieving it. Therefore the Muslims in the West should see their stay there as temporary and not permanent because it is not feasible to establish such an Islamic state in the West and the Muslims should strive to make hijra to Islamic lands even though they are not ruled by Sharia in order to use their abilities and resources to bring back Islamic rule in Muslim land.

If you do not agree with the above three points then we cannot reach an agreement on the issue of voting because we are basing our views on two completely different platforms.

I would like to thank all of the brothers and sisters who posted comments and I will bypass all of the insults and pure opinion that were piled up on the 100+ comments on my post and focus on some of the opposing views that brought forth some reasonable arguments.

First: There are scholars who said that voting is Halal and in fact some said it is obligatory:

On the other hand there are scholars who said that voting in the democratic system is haram. But for those who say it is halal do they actually know what is happening in the US? Have they been to the mosques and seen the US politicians, male and female, speaking to the congregations that came to worship Allah on Friday? Did they hear the lies, false promises and pure hypocrisy of what these candidates are speaking inside the houses of Allah and most important of all the kufr that they utter in our places of worship? Have these scholars seen how the Muslims in the masajid are falling all over themselves in appeasement and superficial generosity towards these enemies of Allah all in the name of dawa? Have they heard the Imams using the time of the Friday sermon which should be devoted to Islamic teachings calling the Muslims to vote for the same people who will be leading the war against our Muslim brothers and sisters, and then closing with the dua “May Allah bless America”?! Have they seen our Muslim young boys and girls making fools of themselves wearing their “support Obama” T-shirts and waving Obama signs? Have they heard how the Muslims who are part of the campaigns of both candidates speak? Can they talk about wala and bara? Can they even utter any word in defense of Jihad, Khilafah or hudud which are part and parcel of our religion?

I doubt any of these scholars have factored in these issues when they gave their fatwa.

Brothers and sisters the issue is not simply dropping a vote in a ballot box. It is much more than that. It is the whole mindset and the actions that come with it.

Also most of fatawa that were used as support for voting in the US were actually referring to voting in Muslim countries so make note of this.

Second: We are choosing the lesser of the two evils and that is Obama:

I mentioned in my previous post that in the process of choosing the lesser of the two evils you are committing an even greater evil. I would add here the following: Even if you would follow the opinion of those who allow the voting in a disbelieving system when there is a clear lesser evil, in the situation we are facing there is no such clarity. In fact on most of the issues that concern Muslims there is very little difference. For example they have similar views on the war on terror and the issue of Palestine. Anyone with a simple understanding of the history of American politics would realize that on the major issues both parties share the same agenda. But even in the case where there is a clear lesser evil such as Ron Paul I would still follow the opinion of total abstinence because I believe that we are under no necessity to allow the participation in a system of disbelief, and because our participation is a tacit acceptance on our behalf to play by the rules of the democratic system.

On internal issues there are some who asked whether we should vote on issues such as same sex marriage. If you agree with me on point 3 which I mentioned before then it should not make any difference to us Muslims whether the disbelievers marry the same sex or marry dogs and donkeys. Muslims make dawa to the disbelievers and after they believe in Allah they are told what is halal and what is haram, but not until then.

One of the comments mentions the treaty of Hudaybiyyah as evidence for voting. The treaty of al Hudaybiyyah was a treaty between two parties at war. How does this relate to a voter choosing who would lead him? Muhammad (saaws) never negotiated with the disbelievers while he was in Makkah but negotiated the treaty of al Hudaybiyyah after a culmination of five years of Jihad so the Quraish knew that Muhammad (saaws) was negotiating out of strength. The case now is totally different. The perception the American Muslims are giving is that by giving them nothing substantial and by giving them just a little bit of recognition you can get their support, vote and loyalty even if you carry on your war against their brothers and sisters. Just like a dog owner abusing his dog but as long as the bone is thrown out the dog will still give his owner all his loyalty. It is sad but true. So as long as the Muslims are kissing up to the American politicians, these politicians are not going to give them back anything . The reality of the situation is that the American Muslims are desperate. They realize the implications of the war on terror on them and they understand their vulnerable position and are willing to go to extreme lengths just to be accepted and recognized. This zeal for voting and having “our voices heard” and “practicing our right” is a reflection of this mindset. Other minorities such as the Blacks, the Hispanics and the Jews are getting a lot in exchange for their vote. What are you getting? The sister wasn’t even allowed to wear her hijab behind Obama in exchange for her enthusiastic support!

Another comment mentions that the Muslims wanted the Romans to win against the Persians so this is evidence that we can support a candidate. The answer to that is when the Muslims wanted the Romans to win against the Persians, the Romans were not in a state of war with the Muslims and they have not harmed the Muslims in any way, shape or form. So how can you compare that to Muslims supporting candidates who are openly announcing war on Muslims? Quran makes it clear that we should treat the disbelievers who are peaceful with us different than the ones who show their animosity towards us.

Someone else mentions the pact of Fudool. This pact was a pact in the time of jahiliyyah where some of the people of Quraish agreed to provide support for the oppressed. Again this is different than voting. This is a binding agreement on all. If Muslims agree with non Muslims to support the oppressed then that is allowed. But how does that relate to voting? The voter takes no binding promises from the one he votes for.

There where a few comments that accused me of having little knowledge of what is going on in the US because I do not live there anymore, and others saying that as an Imam I should not speak about politics. To all of you wise men out there who are supposedly the “experts”, do you remember eight years ago that it was you who actually told us to vote for Bush, the worst US president ever as far as Muslims are concerned? Haven’t you learned from your mistakes?

 

Last Wills of the Shuhadas (Insha’Allah)

November 4, 2008

The last statement from Amrozi, Imam Samudra and Mukhlas.  Executed by the Indonesian Taghut.

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READ HERE (THE UNJUST MEDIA.COM)

 

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May Allah SWT accept their tawba, award them husnul khatimah… and through their sacrifices Allah SWT assents to bring back victory to the Islamic Ummah…!!! Ameen.

 

 


One Bank to Rule Them All?

November 4, 2008

The Fed as a central bank to the world

Jacqueline Thorpe, Financial Post 

Published: Sunday, November 02, 2008

Nicolas Sarkozy may be pushing for a new financial order but Federal Reserve Chairman Ben Bernanke and U.S. Treasury Secretary Henry Paulson have beaten him to it.

While the French President dreams of global economic cooperation ahead of the G20 summit in Washington, the Fed is quietly becoming central bank to the world, backed by the full might of the U.S. Treasury and a teflon-coated greenback.

Last week saw a new program added to the barrage of bailouts, backstops and stimuli announced by the United States — US$30-billion currency swap lines for Brazil, Mexico, South Korea and Singapore. This is on top of the unlimited supply of greenbacks the United States has provided to the major economies.

The United States will swap wons for greenbacks, allowing South Korean banks to fulfill local demand for U.S. dollars, which had been starved by the freeze-up in the inter-bank lending markets. Banks can then provide those greenbacks to their local customers to allow them to carry out international business.

In April, South Korea will swap its wons back, for a fee of course. David Rosenberg, chief North American economist at Merrill Lynch was quick to pick up on the irony. “The U.S. was supposedly the basket case nation with the massive deficits whose currency was destined to lose its reserve status and whose credit rating was going to get cut at some point,” he said in a note last week. “It is the U.S. that is being called upon to provide unlimited swap lines with Europe one day, and funding for emerging markets the next.”

Marc Chandler, chief foreign exchange strategist at Brown Brothers Harriman in New York said the emerging market swap lines mark a new step in the evolution of the response to the credit crisis.

“It underscores the U.S. leadership role and the Fed’s role as defender of the system, which is increasingly broadly conceived,” Mr. Chandler said. “This is something that other central banks do not seem prepared to do.

Admittedly several Asian countries are talking about pooling reserves and increasing swap lines, but the role of the U.S. and the dollar are different.”

The U.S. dollar’s status as the main currency of international and central bank business has barely been tarnished by the whole sorry credit crisis. The flight to the perceived safety of U.S. treasuries has been unstinting.

The swap lines give a small “stamp of approval” to each country of their good financial husbandry but also send a message to those left swinging in the wind, Mr. Chandler adds

“Being a friend of the U.S. still matters,” he said. “Venezuela, Argentina, and Russia for example, are unlikely to be thought of as likely candidates for a similar swap program with the Fed. Over time, who is regarded as a friend of the U.S. may impact valuations.”

From a sheer tactical perspective, Europeans have missed an opportunity to push euro a reserve currency, consumed as they are with their own problems and intent on blaming the United States for the meltdown. Of course Venezuela and Russia have the oil wealth to provide their ownbailouts and to be fair, the United States was not alone last week in swinging into action.

China, Norway, South Korea, Taiwan and Japan all cut interest rates, and Japan and Germany announced plans for fiscal stimulus. The Bank of England and the European Central Bank are expected to slash interest rates next week.

The actions, combined with a 50 basis point cut by the Fed, which brings the world’s benchmark interest rate to 1%, appear to have finally brought some rationality markets, making one wonder what there will be left for the G20 to do at its summit.

Michael Gregory, senior economist at BMO Capital Markets runs down his credit crisis checklist. Provide near limitless liquidity – check. Provide capital injections to the financial sector – check.

Provide a way to get rid of soured assets and/or clarity on what they’re worth – check. Give a guarantee on interbank lending – check.

The focus at the summit then will undoubtedly be on regulation and how to prevent a similar crises, a prospect that amuses Carl Weinberg, chief economist at High Frequency Economics

“So far we haven’t had any doubles,” he said. “This time it was the housing market and asset-backed securities. The last time it was equity investment in Asia, the time before that it was loans to Latin America and the time before that it was S&Ls [the U.S. savings and loan crisis]. Every crisis we’ve had is a different set of circumstances the only common element is people tend to get irrationally exuberant about investing in a commodity and when it goes they get nailed.”

Many analysts are skeptical of the notion of a global regulator while Mr. Sarkozy’s idea of creating a new global financial system a la Bretton Woods II – the original had a fixed exchange rate system – seems pie-in-the-sky. “The Canadian government is not willing to cede to Washington or Basel or Bombay, the right to tell its financial institutions what to do or what it’s doing is wrong,” said Edwin Truman, a senior fellow at the Peterson Institute for International Economics. “That does not mean one could not have an international understanding on the best way to go about financial business, supervision and regulation. That process is already under way.”

The Financial Stability Forum, which brings together representatives from central banks, treasury departments and regulators around the world, was set up after the Asian crisis in 1998 to do precisely that. It has already issued some 67 recommendations on the current crisis on a host of issues from capital requirements to credit rating agencies.

Europe may push for something grander but Mr. Truman is wary. “If they think they’re going to use this to gang up on the United States and get the United States to issue mea culpa after mea culpa and turn the supervision of our financial system over to a college of officials from the rest of G20 for the next five years, they have another thing coming,” he said.

Until the greenback falters, the United States is firmly in the driver’s seat.